香港聯合交易所有限公司與證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示不會就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Shanghai Jin Jiang International Hotels Co., Ltd. 上海錦江國際酒店股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員 會（「證監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 閣下閱覽本公 告，即表示 閣下知悉、接納並向上海錦江國際酒店股份有限公司（「本公司」）、 其獨家保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員表示同 意： 1 (a) 在聯交所網站登載本公告，並不會引起本公司、其獨家保薦人、保薦人兼整 體協調人、整體協調人、顧問或包銷團成員在香港或任何其他司法管轄區必 須進行發售或配售的責任。本公司最終會否進行發售或配售仍屬未知之數； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) ...

Core Viewpoint - Huazhu Group has demonstrated strong growth in key financial metrics, driven by strategic transformations and a focus on a light-asset model, aiming to become a world-class hotel group [1][2]. Group 1: Financial Performance - Adjusted EBITDA for Huazhu increased by 24.2% year-on-year, reflecting successful adaptation to a light-asset model [1][4]. - The company reported a revenue growth of 5.9% to 25.3 billion yuan (approximately 3.6 billion USD) for 2025, with light-asset business revenue growing at 23% to 11.7 billion yuan [4]. - The light-asset business accounted for 69% of total operating gross profit, up from 64% in 2024 [4]. Group 2: Market Strategy - Huazhu opened 2,444 new hotels last year, expanding its footprint into lower-tier cities, with a total of 12,858 hotels by year-end [4][5]. - The company plans to open an additional 2,200 to 2,300 hotels this year, focusing on a franchise and management model rather than direct leasing [4]. - The domestic hotel market in China remains underpenetrated, with only 30%-40% of the market occupied by chain hotels compared to 70% in the U.S., indicating significant growth potential [5]. Group 3: Consumer Trends and Brand Development - Huazhu has launched family-friendly economic brand "Hanting Youjia" to cater to group travelers, while also enhancing its mid-to-high-end market presence [6]. - The demand for quality, reliability, and reasonable pricing in the domestic travel market is increasing, driving the company's strategic upgrades [2][5]. Group 4: International Business - Huazhu's international business, particularly in Europe, has turned profitable, achieving an adjusted EBITDA of 499 million yuan, recovering from a loss of 154 million yuan the previous year [7]. - The company emphasizes profitability over scale in its international operations, maintaining a selective presence in Europe, Asia, and the Middle East [7]. Group 5: Future Outlook - Huazhu aims to expand its network to 20,000 hotels by 2030, targeting a 15% market share in China, positioning itself alongside international brands [7]. - The company continues to focus on the economic and mid-range segments, which are expected to have the most significant long-term demand opportunities in the Chinese market [7].

Group 1 - Alibaba's latest financial report shows significant growth in cloud revenue, with a plan to exceed $100 billion in cloud and AI commercialization revenue over the next five years [1][5][7] - In Q3 of fiscal year 2026, Alibaba's total revenue reached 284.843 billion yuan, a year-on-year increase of 9% when excluding disposed business revenues [1][12] - Alibaba Cloud's revenue grew by 36% year-on-year, and AI-related product revenue has seen triple-digit growth for ten consecutive quarters [1][2][12] Group 2 - The introduction of Pingtouge's self-developed GPU has contributed significantly to cloud infrastructure, with 470,000 units delivered by February 2026, and over 60% serving external commercial clients [2][13] - The AI To C flagship application, Qianwen, has surpassed 300 million monthly active users, becoming a national-level AI application [3][13] - Instant retail revenue, including Taobao Flash Purchase, grew by 56% year-on-year, driven by improved logistics efficiency and high customer retention rates [4][14] Group 3 - Alibaba's CEO, Wu Yongming, detailed the company's full-stack AI strategy, emphasizing the integration of chips and cloud computing as foundational infrastructure for AI [7][17] - The Token Hub initiative aims to enhance collaboration between AI applications and infrastructure, with a significant increase in token consumption on the MaaS platform [7][17] - The launch of the new AI-native work platform, Wukong, is designed to integrate with DingTalk, enhancing B2B capabilities [14][18] Group 4 - Yushutech's IPO application has been accepted, aiming to become the first A-share company focused on humanoid robots, with projected revenue growth from 123 million yuan in 2022 to 1.708 billion yuan in 2025 [8][18]

Core Insights - Atour Group differentiates itself in the hotel industry by investing in unique experiences rather than just cost-cutting, leading to a 40% higher average revenue per available room (RevPAR) compared to competitors [3][11] - The company has successfully expanded into retail, with sleep products accounting for nearly 40% of total revenue, demonstrating a strategic brand extension rather than a diversion from its core business [4][10] - Atour's founder emphasizes the importance of culture and organization as key differentiators in a highly competitive and replicable industry [3][36] Group 1: Business Strategy - Atour invests in non-traditional amenities such as free laundry services and curated libraries, which contribute to a unique customer experience despite having a negative ROI individually [3][4] - The company has seen revenue and profit growth even as the overall hotel industry declines, indicating a successful business model [3][11] - Atour's retail strategy began with a focus on sleep products, leading to significant revenue growth after narrowing its offerings [4][10] Group 2: Market Positioning - The hotel industry is characterized by "replicative competition," where product ideas and designs can be quickly copied, making cultural and organizational aspects crucial for long-term success [3][36] - Atour aims to create a lifestyle brand rather than just a hotel chain, positioning itself uniquely in the market [4][10] - The company has established a multi-brand matrix, including Atour Planet and the high-end brand SAVHE, to cater to different market segments [38][40] Group 3: Customer Experience - Atour focuses on enhancing customer experience through emotional and spiritual value, not just functional benefits [29][32] - The company has implemented a service methodology that emphasizes key touchpoints to create memorable experiences for guests [27][30] - Atour's unique offerings, such as curated reading materials in rooms, aim to resonate with customers on a deeper level [4][52] Group 4: Future Outlook - The company plans to expand its high-end brand SAVHE while maintaining a controlled growth strategy, aiming for 50 locations over the next decade [16][17] - Atour recognizes the need for continuous innovation and adaptation to changing consumer demands, focusing on enhancing both operational efficiency and customer experience [24][25] - The hotel industry is viewed as a long-term investment opportunity, with brand value being a critical factor for sustainable growth [40]

Summary of Jin Jiang Hotels Conference Call Company Overview - Jin Jiang Hotels is a leading player in the domestic chain hotel industry, ranking second globally in terms of room count and first in China, backed by the Shanghai State-owned Assets Supervision and Administration Commission [3][3] - The company has undergone four development phases, with significant acquisitions and a shift towards a light-asset management model [3][3] Key Financial Insights - The company established a light-asset model, aiming for 95% of managed stores by Q3 2025, with mid-range stores increasing to 62% [2][2] - Revenue for 2024 is projected at 14.1 billion yuan, a 7.4% decline year-on-year, primarily due to losses from domestic and overseas operations [2][2] - Domestic direct store losses are expected to narrow to under 100 million yuan by 2026, with overseas losses projected at 5.5 to 6 billion yuan in 2025 [2][2][7][7] - The company plans to invest 2 billion yuan over two years to renovate over 130 stores, expecting a RevPAR increase of over 10% post-renovation [2][2][7][7] Management Changes and Strategic Initiatives - The company has seen a change in leadership, with the new chairman expected to maintain strategic continuity while pushing for more aggressive reforms starting Q1 2025 [5][5] - Significant improvements in management efficiency have been noted, with a marked reduction in headquarters management costs in 2025 [6][6] Operational Performance and Future Expectations - Domestic direct store losses have shown improvement, with net losses decreasing from 380 million yuan in 2024 to 230 million yuan in 2025, and further expected to drop to under 100 million yuan in 2026 [7][7][8][8] - RevPAR for direct stores increased by over 17% in January 2026, with further acceleration in February [7][7][8][8] - The company plans to conduct a Hong Kong IPO in H1 2026, aiming to raise 500 million USD for store upgrades and debt repayment [9][9] Financial Projections and Valuation - Profit forecasts have been revised upwards, with expected profits of 1.25 billion yuan in 2026, 1.55 billion yuan in 2027, and 1.85 billion yuan in 2028 [10][10] - Valuation estimates suggest a market cap potential exceeding 40 billion yuan based on a PE ratio of 26-30 times the 2027 earnings [11][11] Additional Insights - The company has focused on enhancing direct sales and improving store management, with operational data consistently outperforming industry averages since April 2025 [8][8] - The strategic focus on high-quality development has stabilized the number of signed stores at over 3,000, supporting the goal of opening over 1,000 new stores annually [3][3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On March 19, the capital market showed a mixed performance. The capital market was stable and loose, the bond market had a differentiated trend with short - term bonds remaining strong and long - term bonds weakening. The convertible bond market followed the decline of the equity market, and most convertible bond individual securities fell. The yields of U.S. Treasury bonds of different maturities were also differentiated, and the 10 - year Treasury bond yields of major European economies generally increased [1]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - From January to February this year, the national general public budget revenue was 4.4154 trillion yuan, a year - on - year increase of 0.7%. Among them, national tax revenue was 3.6393 trillion yuan, a year - on - year increase of 0.1%, and non - tax revenue was 776.1 billion yuan, a year - on - year increase of 3.4%. Central general public budget revenue decreased by 1.7% year - on - year, while local general public budget revenue increased by 2.6% year - on - year [3]. - The central bank will continue to implement a moderately loose monetary policy, firmly maintain the stable operation of financial markets such as stocks, bonds, and foreign exchange, and study the establishment of a liquidity support mechanism for non - bank financial institutions in specific scenarios [4]. - The CSRC held a symposium on the "15th Five - Year Plan" of the capital market with investment institutions, and participants put forward suggestions on deepening investment - side reform and enhancing the internal stability of the capital market [5]. - The State Administration of Foreign Exchange will further improve the expectation management mechanism, maintain the stable operation of the foreign exchange market, deepen foreign exchange reform and innovation, and promote high - level opening - up in the foreign exchange field [6]. - The Ministry of Commerce stated that China and the U.S. will continue to play the role of the Sino - U.S. economic and trade consultation mechanism, strengthen dialogue and communication, and promote the stable and positive development of bilateral economic and trade relations [7]. 3.1.2 International News - On March 19, the European Central Bank kept the deposit rate unchanged at 2% for the sixth consecutive time. It warned that the Middle East conflict has significantly increased the uncertainty of the euro - zone economic outlook, with upward inflation risks and downward economic growth pressure [8]. 3.1.3 Commodities - On March 19, WTI April crude oil futures fell 0.18% to $96.14 per barrel, Brent May crude oil futures rose 1.18% to $108.65 per barrel, spot gold fell 3.42% to $4,653.01 per ounce, and NYMEX April natural gas futures fell 2.31% to $3.128 per million British thermal units [9]. 3.2 Capital Market 3.2.1 Open Market Operations - On March 19, the central bank conducted 13 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender basis, with an operating rate of 1.40%. The net withdrawal of funds on the day was 1.15 billion yuan due to the maturity of 24.5 billion yuan of reverse repurchases [10]. 3.2.2 Capital Interest Rates - On March 19, the capital market was stable and loose. DR001 rose 0.03bp to 1.320%, and DR007 fell 0.61bp to 1.427%. Other capital interest rates also showed different changes [11][12]. 3.3 Bond Market Dynamics 3.3.1 Interest - Bearing Bonds - **Spot Bond Yield Trends**: On March 19, the yields of major inter - bank interest - bearing bonds showed a differentiated trend. Short - term bonds were strong due to the loose capital market, while long - term bonds weakened due to profit - taking. For example, the yield of the 10 - year Treasury bond active bond 250022 rose 0.80bp to 1.8360%, and the yield of the 10 - year CDB bond active bond 250220 rose 0.65bp to 1.9780% [14]. - **Bond Tendering Situations**: Multiple bonds were tendered on March 19, with different issuance scales, winning yields, full - field multiples, and marginal multiples [16]. 3.3.2 Credit Bonds - **Secondary Market Transaction Abnormalities**: On March 19, the transaction prices of two industrial bonds deviated by more than 10%. "H2 Vanke 02" fell by more than 10%, and "H1 Vanke 06" rose by more than 11% [17]. - **Credit Bond Events**: Multiple companies announced events such as loan defaults, bill payment defaults, redemption option decisions, and bond issuance cancellations [20]. 3.3.3 Convertible Bonds - **Equity and Convertible Bond Indexes**: On March 19, the three major A - share indexes fell, and the convertible bond market also weakened. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index fell 1.64%, 1.53%, and 1.84% respectively. Most convertible bond individual securities fell [19]. - **Convertible Bond Tracking**: On March 20, Tonglian Convertible Bond was listed. On March 19, Huaxiang Co., Ltd.'s convertible bond issuance was approved by the exchange, and Hongtu Convertible Bond announced a downward revision of the conversion price [26]. 3.3.4 Overseas Bond Markets - **U.S. Bond Market**: On March 19, the yields of U.S. Treasury bonds of different maturities showed a differentiated trend. The 2 - year U.S. Treasury bond yield rose 3bp to 3.79%, and the 10 - year U.S. Treasury bond yield fell 1bp to 4.25%. The yield spreads of 2/10 - year and 5/30 - year U.S. Treasury bonds narrowed [23][24]. - **European Bond Market**: On March 19, the 10 - year Treasury bond yield of Spain remained unchanged, while the 10 - year Treasury bond yields of other major European economies generally increased [27]. - **Daily Price Changes of Chinese - funded U.S. Dollar Bonds**: As of the close on March 19, the prices of Chinese - funded U.S. dollar bonds showed different changes, with some rising and some falling [29].

Summary of Huazhu Group's Q4 2025 Earnings Call Company Overview - **Company**: Huazhu Group - **Industry**: Hospitality and Hotel Management Key Financial and Operational Data for Q4 2025 - **Revenue**: CNY 6.5 billion, up 8.3% year-over-year, exceeding the guidance of 2% to 6% [3] - **Net Profit**: CNY 1.17 billion, outperforming expectations due to positive RevPAR and growth in store count [3] - **Management Franchise and Licensing Revenue**: CNY 3 billion, up 21%, reaching the upper limit of the guidance of 17% to 21% [3] - **Mainland China Revenue Growth**: 9.1% year-over-year [3] - **Deutsche Hotel Group Revenue Growth**: 5.3% year-over-year, achieving profitability [3] - **Store Count in Mainland China**: 12,740 stores, up 17.5% year-over-year [3] - **Total Room Count**: 1.239 million rooms, up 17.9% year-over-year [3] - **Franchise Room Growth**: 19.2%, while direct-operated room count declined by 5.2% [3] - **New Store Openings**: 406 new stores in Q4, with a net increase of 160 stores [3] - **RevPAR in Mainland China**: CNY 226, up 2%, driven by a 4.1% increase in ADR to CNY 288, while occupancy rate decreased by 1.6 percentage points to 78.4% [3] 2026 Performance Guidance - **Revenue Growth Expectation**: 2% to 6% year-over-year [2] - **Mainland China Revenue Growth Expectation**: 5% to 9% [3] - **Franchise Business Revenue Growth Expectation**: 12% to 16% [3] - **New Store Openings for 2026**: 2,200 to 2,300 stores, maintaining a high expansion rate [4] Strategic Plans for Store Openings and Brand Development - **Mid-term Goal**: Open 20,000 quality stores by 2030 [4] - **Core Brands Focus**: Orange, Qianxi, Orange Crystal, and Mercure [4] - **Reserve Hotels in Mid-High-End Market**: 1,639 hotels as of the end of 2025 [4] - **New Brand Launch**: "Qianxi Daguan" expected to open in April 2026, with positive trial operation results [4] - **Economic Hotel Market Strategy**: Focus on Hanting and Hanting Express brands to cater to the national market and meet the growth potential in lower-tier cities [4] Demand Trends in the Hotel Industry for 2026 - **Overall Demand Outlook**: Positive, with leisure travel demand entering a normalized high-growth phase [4] - **Inbound Travel Market**: Expected to improve rapidly [4] - **Business Travel Demand**: Signs of recovery from Q4 2025 to Q1 2026, particularly in first and second-tier cities [4] Management Changes and Overseas Business Development - **Management Appointment**: A new vice president appointed in December 2025 to enhance management capabilities in response to expansion [5] - **Overseas Business Strategy**: Focus on maintaining profitability through operational efficiency, rent negotiations, and exiting loss-making properties [5] - **2026 Expansion Plans**: Begin network expansion with a focus on Europe while exploring markets in the Middle East and North Africa [5]

Group 1 - The incident involving the "mouse infestation" at the Hainan Clear Water Bay Raffles Hotel, a luxury brand under Accor, has attracted significant attention due to the hotel's high pricing and luxury positioning [2][9]. - The hotel has been reported to have completed thorough pest control measures and has increased the frequency of inspections following the incident [8][9]. - The hotel is also known as a filming location for the movie "The Missing Her," which has been used for promotional purposes [3]. Group 2 - Accor Group, the parent company of the Raffles brand, reported a revenue of €5.639 billion for the fiscal year 2025, reflecting a 4.5% increase compared to the previous year, but net profit decreased to €449 million from €610 million [13]. - The average revenue per available room (RevPAR) in the Middle East, Africa, and Asia-Pacific regions increased by 7.6% in Q4 2025, but excluding the Chinese market, the growth was 10.4%, indicating a decline in performance in China [14]. - There have been numerous complaints regarding Accor's hotels, including issues with false advertising and difficulties in using prepaid packages, which have led to customer dissatisfaction and financial losses [14][16].

Financial Data and Key Metrics Changes - In 2025, the group revenue grew 5.9% year-over-year to RMB 25.3 billion, with Legacy-Huazhu's revenue rising by 7.9% to RMB 20.5 billion [28][29] - Group adjusted EBITDA increased 24.2% year-over-year to RMB 8.5 billion, with a margin improvement of 4.9 percentage points to 33.5% [28][29] - Adjusted net income rose by 32.9% year-over-year to RMB 4.9 billion [29] Business Line Data and Key Metrics Changes - The managed and franchised revenue increased by 23.1% year-over-year to RMB 11.7 billion, with gross operating profit rising by 20.8% to RMB 7.6 billion [30] - Room nights sold to members rose 21.5% year-over-year, exceeding 245 million in 2025 [11] - The asset-light monetized and franchised business delivered solid growth, contributing 69% to the overall profit in 2025, a 5 percentage point increase year-over-year [30] Market Data and Key Metrics Changes - Demand for travel in China is shifting from discretionary to necessity, with a steady increase in trips and consumer spending [5][6] - The hotel industry faces an oversupply of low-quality products, while high-quality, value-for-money options remain insufficient [6][7] - The company is focusing on lower-tier cities and rural areas to fill the gap in quality accommodation [8] Company Strategy and Development Direction - The company aims to deepen its roots in the China market, focusing on high-quality growth and service excellence [9][19] - A multi-brand strategy is being employed in the upper mid-scale segment, with four key brands targeting different market niches [63][66] - The introduction of the HanTing Inn brand aims to balance cost-effectiveness and quality, catering to family and group travel needs [15][50] Management's Comments on Operating Environment and Future Outlook - The management is cautiously optimistic about the overall RevPAR performance for 2026, expecting a flat to slight year-over-year increase [44] - The company plans to continue enhancing customer experience and operational efficiency while pursuing a strategic goal of 2,000 cities and 20,000 hotels [19][32] - The Legacy-DH business has achieved a successful turnaround, with a record adjusted EBITDA of around RMB 500 million [22] Other Important Information - The company declared a $400 million cash dividend for the second half of 2025, contributing to a total shareholder return of around $760 million for the year [31][32] - The company has completed over 75% of its $2 billion three-year shareholder return plan [32] Q&A Session Summary Question: Direction of Arthur's new role and expected changes - Management expressed confidence in Arthur Yu's expertise to lead the company towards becoming a global, world-class entity [39] Question: 2026 revenue guidance and demand-supply outlook - Management noted a recovering trend in the hotel industry, with growing demand for leisure and business travel, and cautiously optimistic RevPAR expectations for 2026 [43][44] Question: Hotel opening pace and new brands - The company plans to open 2,200-2,300 new hotels in 2026, focusing on high-quality standards [48] Question: Asset-light transformation strategy for DH - Management highlighted ongoing efforts in cost control and portfolio restructuring, with confidence in expanding the hotel network internationally [56] Question: Future shareholder return plans - The company is committed to returning value to shareholders through dividends and share repurchases, supported by strong cash flow [59] Question: Plans for upper mid-scale hotel segment - The upper mid-scale segment remains a strategic focus, with plans for continued development and brand enhancement [63][66]

Financial Data and Key Metrics Changes - In 2025, the group revenue grew 5.9% year-over-year to CNY 25.3 billion, with Legacy-Huazhu's revenue rising by 7.9% to CNY 20.5 billion [26][27] - Group adjusted EBITDA increased 24.2% year-over-year to CNY 8.5 billion, with a margin improvement of 4.9 percentage points to 33.5% [26][27] - Adjusted net income rose by 32.9% year-over-year to RMB 4.9 billion [27][28] Business Line Data and Key Metrics Changes - The managed and franchised revenue increased by 23.1% year-over-year to RMB 11.7 billion, with gross operating profit rising by 20.8% to RMB 7.6 billion [27][28] - Room nights sold to members rose 21.5% year-over-year, exceeding 245 million in 2025 [11] - The number of rooms in operation increased by 16.2% year-over-year, contributing to a group hotel GMV growth of 16.4% to CNY 108.1 billion [11] Market Data and Key Metrics Changes - Demand for travel in China is shifting from discretionary to necessity, with increasing trips and consumer spending [5][6] - The hotel industry faces oversupply of low-quality products, while high-quality supply remains insufficient [6][7] Company Strategy and Development Direction - The company focuses on supply-side reform, targeting high-quality growth in the economy and mid-scale segments [7][8] - Plans to expand into lower-tier cities and rural areas to fill gaps in quality accommodation [8][9] - Aiming for a strategic goal of 2,000 cities and 20,000 hotels by 2030 [19] Management's Comments on Operating Environment and Future Outlook - Management is cautiously optimistic about RevPAR performance in 2026, expecting a flat to slight year-over-year increase [42][43] - The company will continue to enhance customer experience and operational efficiency while leveraging technology [19][24] Other Important Information - The company declared a $400 million cash dividend for the second half of 2025, with total shareholder returns amounting to around $760 million for the year [29][30] - The company completed over 75% of its $2 billion three-year shareholder return plan [29] Q&A Session Summary Question: Direction of Arthur's new role and expected changes - Management expressed confidence in Arthur Yu's expertise to lead financial strategy and support growth trajectory [34][38] Question: 2026 revenue guidance and demand-supply outlook - Management noted a recovering hotel industry trend, with growing leisure travel and business activity in Tier 1 and Tier 2 cities [42][43] Question: Hotel opening pace and new brands - The company plans to open 2,200-2,300 new hotels in 2026, focusing on high-quality standards [46][47] Question: Asset lighter transformation strategy for DH - Management discussed ongoing cost control and portfolio restructuring, with confidence in managing international hotels [52][53] Question: Future shareholder return plans - The company is committed to returning to shareholders through dividends or share repurchases, supported by strong cash flow [56] Question: Plans for upper mid-scale hotel segment - The upper mid-scale segment remains a strategic focus, with plans for continued development using a multi-brand strategy [60][62]